New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Sanford (SAN) reported a strong 1H26 result on paper, with NPAT of NZ$42.4m (+24% ahead of our expectations) and adjusted EBIT of NZ$65m (+26% ahead).</li><li>Under the hood, there were a number of non-cash/other one-off items that supported the result: (1) there was a NZ$17.5m fair value gain in biological assets (vs. NZ$3.3m in 1H25), and (2) a NZ$3.6m gain from closing out fuel hedges.</li><li>Operating cash flow was NZ$14m, impacted by higher working capital which SAN intends to sell through in 2H26.</li></ul>

Sanford (SAN) reported a strong 1H26 result on paper, with NPAT of NZ$42.4m (+24% ahead of our expectations) and adjusted EBIT of NZ$65m (+26% ahead).Under the hood, there were a number of non-cash/other one-off items that supported the result: (1) there was a NZ$17.5m fair value gain in biological assets (vs. NZ$3.3m in 1H25), and (2) a NZ$3.6m gain from closing out fuel hedges.Operating cash flow was NZ$14m, impacted by higher working capital which SAN intends to sell through in 2H26.

Sanford (SAN): 1H26 Result — Initial Impressions

Sanford Limited

Sanford (SAN): 1H26 Result — Initial Impressions